Expanding your Chiropractic Business 10 Money-making ideas
It’s tempting to sit back and relax once your chiropractic business has gained a solid footing, After all, you’re rolling along quite well, cash flow is comfortable and your patient base is stable. But in fact, it’s exactly the right time to be thinking about adding new products and services. Why? Because diversifying your services will add even greater financial stability to your practice – much like adding a fourth leg to a three-legged stool. And these new services will attract patients with interests and health concerns different from those of your existing patients.
Like any chiropractic business undertaking, you’ll be well rewarded if you spend adequate time researching your options. A few products and services will require a very small financial investment, while others deserve careful consideration before implementation.
Additionally, each service will require a varying degree of your direct participation. A few won’t require you to be directly involved at all. This can be a big bonus, as the ultimate goal is to increase your bottom line without overflowing your already full plate of responsibilities. Others products and service may require more of your time, but the financial payoff for your chiropractic business could be much greater.
Use the this list of 10 lucrative products and services to get your thought process started.
- Massage Therapy – Therapeutic massage naturally complements chiropractic care and enhances it’s effectiveness. Pros: Low start up cost. Many insurances will pay for manual therapies. Easy to sell as a cash service. Cons: Require additional space and employees.
- Spinal Decompession Therapy – Effective therapy for hard to treat herniated discs Pros: Highly effective and very popular. Minimal CA training is required. Can be sold as a cash service. Cons: Sizable equipment investment. Requires additional space.
- Laser therapy (hot or cold) – Complements chiropractic treatment. Speeds healing and reduces inflammation. Pros: Require very little space. Small amount of training time. Cons: Hot laser therapy equipment is expensive.
- Vibration exercise – Vibration exercise can cut a patient’s rehab time in half by providing quick and effective strength training. Can be used in conjunction with a weight loss program. Pros: Increased patient compliance. Can replace other treatment methods, thereby reducing office treatment time. Can be billed as a therapy. Mid-price units are affordably priced. Cons: High end units are costly, sometimes running as high as $8000-10,000.
- Nutritional Supplements – An important aspect of chiropractic wellness marketing. Pros: The ability to provide patients with superior, pharmacy grade supplements. Good profit margin (typical mark up is 100% over cost). Cons: In most cases, the provider will need to supply advice and education to patients in order to determine appropriate supplementation.
- Weight Loss Programs – Every year consumers spend over 33 billion dollars trying to lose weight. Helping your overweight patients lose just 10% of their total body weight could result in increased mobility, better overall health, and a more positive outlook. Pros: Hugh Demand. Many choice of available programs. Can be adapted to your style of practice. Encourages regular follow up office visits. Con: Studies show continued involvement of doctor is required for patients to achieve a high rate of success. Low patient compliance
- Orthotics – Helpful in treating common patient complaints like plantar fascitis, shin splints, heel pain and achilles tendonitis . Pros: Correcting your patient’s feet structure problems ican also help your adjustments. Relatively low start up cost. Many Suppliers to choose from Cons: It may take time and experimentation to find the right supplier to work with your chiropractic business.
- Home Therapy Equipment – Most patients suffering from chronic pain will welcome the opportunity to own a tens unit, Posture Pump or back brace Pros: Some insurance policies will pay for durable medical goods. There are also a few companies that specialize is supplying durable medical goods to chiropractic offices for patients with out of network insurances. These companies will pay chiropractors for supplying educating and training patients in the use of these supplies Cons: Some of the products supplied by these companies may not meet the quality expected for the price billed. Increased paperwork (related to billing).
- Biofeedback – Through training, biofeedback can teach patients to manage stress, anxiety,asthma and irritable bowel syndrome, reduce high blood pressure and lessen headaches, regulate heartbeat and reduce back pain. Pros: Reasonable start up costs, may qualify for insurance re-imbursement, positive patient perception. Cons: Requires additional room and additional training. Some additional doctor involvement will be required.
- Aesthetic Services – Although not traditionally associated with chiropractic care, some chiropractors have experienced a cash windfall by tapping into this 30 billion dollar market. Services worth considering are microcurrent facial and body sculpting, as well as the more traditional facials, body wraps and scrubs. Pros: Large demand, Cons: In some states a trained aesthetician may be required to perform treatment, Additional marketing and advertising may be required to develop a new market, additional space and staffing required.
With so many exciting options at your disposal, isn’t it time to consider adding a new service to your chiropractic business?
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